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You are the financial accountant for Hippy Ltd. Whilst finalising the financial statements for the reporting period ending 30 June 2020, the following events have been brought to your attention:
You are to assume that both the events above are material and occurred prior to the financial statements being authorised for issue. Ignore any tax effect.
Required:
Question 1: Classify the events as either an adjusting or non-adjusting event after the end of the reporting period. Justify your classification and make reference to AASB110, where relevant.
Question 2: Base on your answer to (i) above, prepare the necessary journal entries or note disclosures to comply with the requirements of AASB110. Note: Narrations are not required for all journal entries.
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